2023 Form 2555 - Foreign Earned Income

Form 2555 is typically used by U.S. citizens or resident aliens who work and earn income in a foreign country and want to exclude a certain amount of their foreign earned income from U.S. taxation. The purpose of this form is to help individuals avoid double taxation on the income they earn abroad. The United States taxes its citizens and residents on their worldwide income, but it provides certain exclusions and deductions for income earned abroad to prevent individuals from being taxed on the same income by both the U.S. and the foreign country.